📈Analysis for Potential Long and Short Positions in ENS✨
🔍Today's market position offers a pivotal moment, potentially setting the trajectory for the next 2-3 months. Following a minor downturn yesterday, altcoins have once again approached the lower end of the trading range. This juncture demands vigilance, especially considering potential short positions upon breaking support levels to avoid missing out on market movements.
🔄Bitcoin has activated its trigger yesterday, signaling market activity. Therefore, I've identified ENS (Ethereum Name Service) as a coin still holding its support. ENS allows users to convert Ethereum addresses into unique NFTs, simplifying transactions. Feel free to send any funds to my address parham96.eth; it's my pleasure to receive them!
✅Utilizing price action analysis with a classical approach, focusing on breakout patterns, I've conducted an analysis on ENS.
💎A Fibonacci retracement from the previous downturn indicates a correction to 61.8%, suggesting diminished downward momentum.
A range box has formed between 0.618 and 0.236 Fibonacci levels, with a ceiling at 16.8 and a floor at 14. This range has tested the 0.5 level twice, forming a Head and Shoulders pattern with neckline support at 14 and a potential first target at 12.45.
During range-bound trading, closing positions at risk-to-reward ratios of 2 or 3 is advisable, building a foundation for risk-taking in future trends.
Confirmation of trend reversal can be sought through RSI, with a break below 31.47 signaling potential significant price movements.
For long positions, a risky scalp entry can be considered upon breaking 14.39, with risk-to-reward ratios emphasizing conservative targets.
RSI confirmation below 42.63 can further validate the signal.
📈For long positions, entry confirmation is contingent on increasing buying volume, ensuring logical market participation.
🛒If ENS appears promising to you, please leave a comment for analysis feedback. Moreover, if there's considerable demand for spot buying analysis, I'll provide daily or weekly timeframe analysis for your convenience.
⚡️This analysis aims to equip traders with insights for potential positions, emphasizing risk management and strategic entry points in ENS trading.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
🔄Bitcoin has activated its trigger yesterday, signaling market activity. Therefore, I've identified ENS (Ethereum Name Service) as a coin still holding its support. ENS allows users to convert Ethereum addresses into unique NFTs, simplifying transactions. Feel free to send any funds to my address parham96.eth; it's my pleasure to receive them!
✅Utilizing price action analysis with a classical approach, focusing on breakout patterns, I've conducted an analysis on ENS.
💎A Fibonacci retracement from the previous downturn indicates a correction to 61.8%, suggesting diminished downward momentum.
A range box has formed between 0.618 and 0.236 Fibonacci levels, with a ceiling at 16.8 and a floor at 14. This range has tested the 0.5 level twice, forming a Head and Shoulders pattern with neckline support at 14 and a potential first target at 12.45.
During range-bound trading, closing positions at risk-to-reward ratios of 2 or 3 is advisable, building a foundation for risk-taking in future trends.
Confirmation of trend reversal can be sought through RSI, with a break below 31.47 signaling potential significant price movements.
For long positions, a risky scalp entry can be considered upon breaking 14.39, with risk-to-reward ratios emphasizing conservative targets.
RSI confirmation below 42.63 can further validate the signal.
📈For long positions, entry confirmation is contingent on increasing buying volume, ensuring logical market participation.
🛒If ENS appears promising to you, please leave a comment for analysis feedback. Moreover, if there's considerable demand for spot buying analysis, I'll provide daily or weekly timeframe analysis for your convenience.
⚡️This analysis aims to equip traders with insights for potential positions, emphasizing risk management and strategic entry points in ENS trading.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2